AppLovin price target raised to $150 from $114 at BTIG

BTIG raised the firm’s price target on AppLovin to $150 from $114 and keeps a Buy rating on the shares. After hosting investor meetings with the company’s management, the firm has come away with a more constructive view of AppLovin’s competitive position and a better understanding of both why they’re confident that the commerce extension can be meaningful to FY25 and beyond performance, as well as why their gaming operations can maintain steady over-20% growth over a multi-year timeframe, the analyst tells investors in a research note. BTIG further cites the company’s addressable market opportunity and its elasticity in response to performance marketing improvements along with the competitive gaps in the market.